Abang Johari: State government has approved the increase in shareholding of Affin Bank to 30%.

The stock price soared 6.62% this morning, hitting a peak of 3.11 ringgit, an increase of 8.36%. However, profit-taking by investors caused the gain to narrow, but it still maintained an increase of around 4%.

As early as last week, multiple media outlets reported that Sarawak Prime Minister Tan Sri Abang Johari Openg stated that the national bank has approved the Sarawak government's acquisition of the majority shareholding of Affin Bank.

Meanwhile, The New Straits Times and The Borneo Post reported that the official announcement of the acquisition will be made today.

According to reports, Abang Johari confirmed at a Longhouse 100th anniversary celebration that all necessary procedures, including those involving the banks, have been completed. He emphasized that the reason for not announcing it earlier was to prevent potential stock market speculation. "All procedures related to the banks have been satisfied, and the Sarawak government is about to have its own bank.

In July, Abang Johari pointed out that with conditional approval from the national bank, the Sarawak government is set to increase its shareholding in Affin Bank to 30% by acquiring from the Armed Forces Fund Board (LTAT).

Currently, the Sarawak government owns 4.95% of Affin Bank's shares, while LTAT holds 28.8% equity.

In addition, LTAT's wholly-owned Modest Group holds approximately 20% of the shares.

The second largest shareholder is Bank of E Asia Limited, headquartered in Hong Kong, holding 23.93% of the shares.